Daily Pivots: (S1) 1.5094; (P) 1.5135; (R1) 1.5161;
EUR/CHF's fall from 1.5380 is still in progress and at this point, intraday bias remains on the downside as long as 1.5192 minor resistance holds. Nevertheless, downside is expected to be contained well above 1.5011 support and bring rally resumption. Above 1.5192 will turn intraday outlook neutral first. Further break of 1.5281 resistance will flip intraday bias back to the upside for 1.5380. Break will confirm rally resumption targeting 1.5446 resistance next.
In the bigger picture, fall from 1.5880 should have completed with three waves down to 1.4577 already. the corrective structure argues that such fall is merely a correction to medium term rise from 1.4315 only. Having said that, current development favors the case that long term down trend from 1.6826 has also finished at 1.4315. Focus will now turn to 1.5880 resistance for confirmation. On the other hand, break of 1.5007 support will turn outlook mixed again.
Based on ActionForex.com Technical Outlook
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